The Federal Reserve reported on Wednesday the U.S. industrial production rose 0.9 percent m-o-m in January 2021, following a revised 1.3 percent m-o-m increase in December 2020 (originally a 1.6 percent m-o-m jump).

Economists had forecast industrial production would increase 0.5 percent m-o-m in January.

According to the report, manufacturing output rose 1.0 percent m-o-m in January and mining production advanced 2.3 percent m-o-m. Meanwhile, the output of utilities decreased 1.2 percent m-o-m.

Capacity utilization for the industrial sector increased 0.7 percentage points m-o-m to 75.6 percent in January. That was 0.8 percentage point above economists’ forecast but 4.0 percentage points below its long-run (1972-2020) average.

In y-o-y terms, the industrial output dropped 1.8 percent in January, following a revised 3.2 percent plunge in the prior month (originally a 3.6 percent decline). This was the smallest decrease since February 2020.